500metrics

All sources checked Checked

5-year TIPS auction of 23 April 2020 (new issue)

The 5-year TIPS sold $18.476 billion at a high real yield of -0.320% on , with a bid-to-cover ratio of 2.74.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.320%

Median real yield -0.375%

Bid-to-cover

2.74

▲ +0.05 since 19 Dec

Sold

$18.48 billion

$17 billion offered

Indirect bidders

82.7%

Of competitive bids accepted

The high real yield was the lowest for a 5-year TIPS since 23 April 2015

Real yield at each 5-year TIPS auction, %

The high real yield was the lowest for a 5-year TIPS since 23 April 201536 auctions from 23 October 2007 to 23 April 2020; the latest at -0.320%.-2.0%0.0%2.0%4.0%2008200920102011201220132014201520162017201820192020This auction, -0.320%The high real yield was the lowest for a 5-year TIPS since 23 April 201536 auctions from 23 October 2007 to 23 April 2020; the latest at -0.320%.-2.0%-1.0%0.0%1.0%2.0%20132014201520162017201820192020-0.320%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
Real yield and bid-to-cover of the last 36 5-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
-0.3202.74
0.0202.69
0.0542.75
0.1522.55
0.5152.50
1.1292.80
0.7242.78
0.6312.55
0.3702.78
0.1172.41
-0.0492.52
0.1202.68
-0.2092.37
-0.1952.42
0.4722.38
0.3052.58
-0.3352.27
0.3952.37
-0.2812.48
-0.2132.70
-0.3752.54
-0.1272.18
-1.3112.18
-1.4962.70
-1.2863.11
-1.0802.58
-0.8773.01
-0.8252.49
-0.1802.57
-0.5502.84
0.5503.15
0.7693.10
1.2782.66
3.2701.81
0.7452.20
1.9542.44

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.742.624 of 128 of 12
High real yield-0.3200.13612 of 120 of 12
Indirect bidders' share82.769.80 of 1212 of 12
Direct bidders' share3.011.312 of 120 of 12
Primary dealers' share14.316.48 of 124 of 12
High minus median, basis points5.54.63 of 129 of 12

The table scrolls sideways; the first column stays in place.

  • Indirect bidders' share: Highest of all 34 earlier 5-year TIPS auctions we hold.
  • Direct bidders' share: Lowest for a 5-year TIPS since 20 August 2015 (14 auctions in between).

Who bought the 5-year TIPS?

Indirect bidders took 82.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 19 December 2019

Indirect bidders took 82.7% of the competitive bids acceptedIndirect bidders 82.7%, Direct bidders 3.0%, Primary dealers 14.3%Indirect bidders82.7%55.1%Direct bidders3.0%31.8%Primary dealers14.3%13.1%Indirect bidders took 82.7% of the competitive bids acceptedIndirect bidders 82.7%, Direct bidders 3.0%, Primary dealers 14.3%Indirect bidders82.7%55.1%Direct bidders3.0%31.8%Primary dealers14.3%13.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders82.755.1
Direct bidders3.031.8
Primary dealers14.313.1

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as5-Year, new issue
Offering amount$17,000,000,000
Bids received$48,065,526,000
Sold$18,476,364,300
Competitive bids accepted$16,924,858,300
Non-competitive bids accepted$75,153,900
Federal Reserve (SOMA) add-on$1,476,352,100
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.320
Median rate, %-0.375
Low rate, %-0.880
Interest rate (coupon), %0.125
Bids at the high rate filled, %61.18
Bid-to-cover ratio2.74
Indirect bidders accepted$13,999,858,300
Direct bidders accepted$510,000,000
Primary dealers accepted$2,415,000,000
Indirect bidders' share, % (ours)82.7
Direct bidders' share, % (ours)3.0
Primary dealers' share, % (ours)14.3
High minus median, basis points (ours)5.5
Treasury real par yield curve, 5-year point, same day, %-0.30
High yield minus that point, basis points (ours)-2.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high real yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The real par yield curve comparison sets the high yield against Treasury's own real par yield curve on the auction day, at the point nearest this security's maturity (5-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 5-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.74Last 24 auctions5 of 2419 of 242.54
Bid-to-cover ratio2.74Since 22 April 20089 of 3425 of 342.56
Bid-to-cover ratio2.74All 39 since 8 October 199711 of 3928 of 392.55
High real yield-0.320Last 24 auctions19 of 245 of 240.037
High real yield-0.320Since 22 April 200825 of 349 of 340.037
High real yield-0.320All 40 since 9 July 199731 of 409 of 400.136
Indirect bidders' share82.7Last 24 auctions0 of 2424 of 2463.6
Indirect bidders' share82.7All 34 since 22 April 20080 of 3434 of 3457.3
Direct bidders' share3.0Last 24 auctions23 of 241 of 248.5
Direct bidders' share3.0All 34 since 22 April 200829 of 345 of 348.3
Primary dealers' share14.3Last 24 auctions20 of 244 of 2424.1
Primary dealers' share14.3All 34 since 22 April 200830 of 344 of 3434.2
High minus median, basis points5.5Last 24 auctions10 of 2414 of 245.2
High minus median, basis points5.5Since 22 April 200817 of 3417 of 345.9
High minus median, basis points5.5All 40 since 9 July 199718 of 4022 of 405.2

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 23 April 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200423_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 23 April 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2020-04-23.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

Our text and compilation: CC BY 4.0. How to reuse and cite this page.